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The Time Value of Money is a important concept in Financial Management. The Time Value of Money includes the concepts of future value and discounted value or present value. In the present article, the basic notions and illustrate with their application in the field of investment which is presented in the mathematical terms in form of theorems and we also presented the applications of some well ...

Current practice largely follows restrictive approaches to market risk measurement, such as historical simulation or RiskMetrics. In contrast, we propose flexible methods that exploit recent developments in financial econometrics and are likely to produce more accurate risk assessments, treating both portfoliolevel and asset-level analysis. Asset-level analysis is particularly challenging becau...

Solvency margin standards for Insurers were introduced to Japan for application from the end of fiscal 1996, referring to the Risk-based capital system already used in the United States, etc. However, during the financial crisis period, 1997-2000, 7 life insurance companies became bankrupt in spite of the their sufficient level of solvency margin ratios, the critisism has been growing that the ...

This study presents the first targeted examination of changes in financial reporting surrounding the appointment of both new CEOs and Principal Financial Officers (PFOs). We identify companies that appoint new CEOs and PFOs in the period 1995 to 2002 and find that the change in discretionary accruals is negative and significant in the year of hire (from t-1 to t) for firms appointing a new CEO ...

* Group Treasurer, Colonial Limited. 1 The Tripartite Group of Banking, Securities and Insurance Regulators defined a financial conglomerate as “any group of companies under common control whose exclusive or predominant activities consist of providing significant services in at least two different financial sectors (banking, securities, insurance)” (see Tripartite Group of Banking, Securities a...

Few studies that have focused on developing credit risk models specifically for small and medium-sized enterprises (SMEs) have included non-financial information as a predictor of company creditworthiness. In this study we have available non-financial, regulatory compliance and “event” data to supplement the limited accounting data that is often available for non-listed firms. We employ a sampl...